Victoria Real Estate Market Remains Hot Into the Summer Months
Aug
1, 2017 - "The activity level in the Victoria real estate market
continues to be brisk, though we always expect a slowdown in the summer
months," says 2017 Victoria Real Estate Board President Ara Balabanian.
"This July, we saw a strong focus on the lower priced end of the
market, with condos and townhomes and single family homes listed for
under $700,000 in high demand. Many of those properties saw multiple
offer situations."
A
total of 790 properties sold in the Victoria Real Estate Board region
this July, 18.7 per cent fewer than the 972 properties sold in July
last year.
"The
ten year average for sales in July is just over 700 properties," adds
President Balabanian. "So the numbers from last month illustrate an
ongoing demand for homes in Victoria. We anticipated at the beginning of
the year that we would see another busy market
- without the record breaking numbers we saw in 2016 - and we are
seeing exactly that. The surprise has been the low inventory levels,
with listings for sale consistently below 2,000. The good news is that
compared to the start of the year we have 26.7 per cent more listings on
the market, but that supply is still lower than we expected, which
puts pressure on pricing and availability."
There
were 1,921 active listings for sale on the Victoria Real Estate Board
Multiple Listing Service® at the end of July 2017, an increase of 0.3
per cent compared to the month of June, but 11.1 per cent fewer than the
2,161 active listings for sale at the end of July 2016.
The
Multiple Listing Service® Home Price Index benchmark values are
unavailable at this time - the Victoria Real Estate Board website at www.vreb.org will be updated when the numbers become available.
